38 trillion yuan of goodwill topped: landmines blasted two major plates into hardest hit areas
A shares 1.
38 trillion yuan of goodwill topped: landmines blasted two major plates into hardest hit areas
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From time to year, thunderstorms in the performance of A-share listed companies continued.
Similar to a year ago, the huge losses caused by the impairment of goodwill are still the mainstream phenomenon.
The latest data show that as of the third quarter of last year, A shares had a total of goodwill1.
On the evening of January 22, restructuring companies such as Kodak (600986), Gaoxing (300098), and Mengzhou (600255) disclosed the 2019 annual performance forecast of huge losses, all related to the impairment of goodwill.
In fact, the “goodwill thunder” of Air Force civilian listed companies has already exploded.
Securities Times e company reporters combed and found that in the recently released case of goodwill thunderstorms, the companies that occurred in the technology and entertainment industries were significantly more.
In addition, some companies even experienced a phenomenon of “serial thunder”, that is, on the basis of the thunderstorm in the 2018 annual results, there will be huge losses again in 2019.
The technology sector has become a high-income area in 2019. The technology sector is a major hot line in the market, and many technology stocks have seen huge gains.
However, the reporter noticed that among the companies that have seen a burst of goodwill recently, the technology sector has become a “high-incidence zone.”
Only in the evening of January 22, companies that disclosed performance previews included Kodak, Gaoxin, Blue Shield (300297), Huaxun Ark (000687) and many other technology companies that suffered a significant amount of goodwill impairment.
Among them, since the transition to the Internet marketing industry through outbound mergers and acquisitions in 2015, Kodak expects net profit in 2019 to reach 2.3 billion to 2.8 billion US dollars, a year-on-year profit2.
Affected by factors such as the downturn in the macro economy, the company’s report estimates that the total provision for impairment of goodwill is estimated to be approximately USD 2.3 billion to USD 2.7 billion.
Huaxun Ark of the military military communications related business is expected to have a net profit of more than one billion one billion and one and a half billion US dollars in 2019, up from the same period last year.
8.8 billion yuan.
The company judges that there is a risk of impairment of the goodwill acquired by Nanjing Huaxun, and it is expected that the goodwill impairment provision will be fully accrued during the reporting period, amounting to approximately 8.
Gaoxin, which is mainly engaged in the Internet of Things industry, is expected to replace 11 in 2019.
8.5 billion -11.
900 million yuan, a profit of 5 in the same period last year.
400 million yuan.
The main reason for this advance loss is that it is planned to make a total of approximately 10 impairment allowances for goodwill on related subsidiaries.
Blue Shield (300297), the main information security product, is expected to replace 9 in 2019.
900 million yuan, the company’s profit in the same period last year4.
The company intends to withdraw about 6 impairment of goodwill in the current period.
200 million, bad debt provision of accounts receivable is about 3.
2 trillion, the impairment of intangible assets is about 1 trillion.
The first batch of star technology stocks in the first batch of GEM companies, Shenzhou Taiyue (300002), disclosed on the afternoon of January 22: a pre-loss of 14 in 2019.
5.1 billion yuan.
The first is that the company made a total of 9.4.8 billion assets were impaired, of which the amount of impairment of goodwill and intangible assets was 5.
3.9 billion yuan.
On January 17, the Air Force, the leader in the artificial intelligence sector, HKUST Intelligence (300222), burst out of a “giant thunder”, with a loss of 25 in 2019.
9.5 billion yuan, net profit for the same period last year3.
9.3 billion yuan.
According to statistics, this forecast is the first breakthrough of HKUST’s intelligent listing, and the one-off loss has wiped out the total net profit of returning to the mother for the past 9 years.
The “culprit” leading to the huge loss of HKUST’s intelligence is also the impairment of goodwill. The company intends to increase the total of the three subsidiaries by up to 16.
$ 200 million in impairment of goodwill and 4.
$ 800 million in inventory impairment provisions.
Zhongjia Bochuang (000889), which is mainly engaged in information transmission and communication network maintenance, disclosed on January 21 that it is expected to reduce $ 800 million in 2019-11.
5.2 billion yuan, net profit for the same period last year2.
The company found goodwill in the report, and the long-term receivables showed a significant margin of impairment. The company plans to accrue goodwill assets impairment allowances of approximately 900 million to 1.1 billion U.S. dollars and long-term receivable assets impairment allowances of approximately 80 million.
In addition, the leader of the “Beidou Industry Concepts Unit”, Big Dipper (002151), is also spared.
The company expects 5 in 2019.
500 million to 6.
500 million yuan, profit in the same period in 20181.
Company fitting accruals 6.
53 trillion assets were impaired, of which goodwill impairment accounted for 5.
US $ 300 million, mainly from the “sequelae” caused by the company’s 2015 series of mergers and acquisitions around the “Beidou +” industry.
Securities Times e company reporter noticed that it is not accidental that goodwill impairment is concentrated in the technology sector.
A-shares have always given high valuations to technology companies, and technology companies often make high-premium mergers and acquisitions with a “good money” attitude, which has also led to the “bloke” of subsequent goodwill impairment.
Taking HKUST Intelligence, which has the largest pre-loss in technology stocks as an example, the company acquired Shanghai Guanzhi, Huaxiao Precision, and Yongqian Electromechanical in 2014-2016, respectively, forming goodwill.
1.5 billion, 4.
9.7 billion and above 4.
But after the performance commitment period of the three companies expired, they all showed outstanding performance.
The entertainment sector was examined and tested again a year ago. In the tide of goodwill exploding a year ago, the entertainment sector represented by Tianshen Entertainment (Rights) (002354) became the hardest hit area, and Tianshen Entertainment was replaced.
51 trillion 四川耍耍网 yuan became the “king of increase” in 2018, and a total of approximately 4.9 billion yuan of goodwill impairment was accrued that year.
Today, this trend is likely to continue in 2019.
The reporter noticed that there are also many cases of goodwill thunderstorms from the entertainment sector, which may be second only to the technology sector.
On the evening of January 20, the “China Cinema Line First Share” Wanda Movie (002739) showed a performance forecast, which is expected to reach $ 3.3 billion to $ 4.5 billion in 2019, with a net profit of 21 in the same period last year.
In 2019, the company intends to make provision for impairment of goodwill of US $ 4.5 billion to US $ 5.5 billion, mainly from companies such as Cineplex, Time Network, Movi Fashion, and GEM Ltd.
Eliminating the influence of this factor, the company’s profit is 10ppm to 1.2 billion yuan.
Huace Film & TV (300133), which is known as “the first share of TV series”, is also “unable to carry” in 2019, and is expected to reach 12.
$ 9.5 billion, the first annual budget since the company went public.It mainly comes from the provision for impairment of goodwill.
400 million US dollars, accrued long-term equity investment impairment provisions of about 1.
800 million, withdrawing about 1 for inventory impairment.
300 million yuan.
Kaiying Network (Entitlement Rights) (002517), which specializes in online games, also hit its first loss since its backdoor listing. It is expected to increase by 1.8 billion 2.3 billion US dollars in 2019, a year-on-year net profit.
The first cause of huge losses is that the holding subsidiary Zhejiang Jiuyi faces huge expenditures, and the company is expected to accumulate Zhejiang Jiuyi in full for impairment of goodwill.
5 megabytes, it is estimated that Zhejiang Shenghe will also make provision for impairment of goodwill9.
500 million to 11.
500 million yuan.
Mengzhou shares, which have been transformed into the film and television industry through mergers and acquisitions, also encountered irregularities.
The company expects that 2019 net profit is expected to reach 1 billion to 1.3 billion US dollars, interrupted 12 in the same period last year.
6.3 billion yuan, the company’s stock may also be “* ST”.
The pre-emption first came from the company’s judgment that the wholly-owned subsidiary Xi’an Mengzhou had an impairment range on the goodwill formed by the acquisition of DreamWorks.
In addition, there are companies such as Xiangyuan Culture (right protection) (600576), Zhongying Internet (002464) and other companies, which have suffered huge losses due to the growth of subsidiaries and the provision of a large amount of goodwill impairment.
For entertainment companies, the reason for the explosion of goodwill is similar to that of technology companies. Because most companies are asset-light operations, high-priced mergers and acquisitions often correspond to high goodwill.
For billions of dollars of goodwill, these companies have “too much knife cutting meat”, it is better to make a large-scale accrual at one time, so as not to gradually affect the performance of subsequent years.
In addition, as of now, the company with the largest amount of performance in 2019 due to impairment of goodwill is Zotye Motors (000980), and the company has gradually lost a 9 billion billion yuan, of which the amount of impairment of goodwill is about 60100 million yuan.
Among some companies that have experienced “thunderstorms” for two consecutive years, among the recent goodwill thunderstorms, in addition to a few companies focusing on technology, entertainment, and securities Times · e company reporters have also noticed that some companies have experienced “serial mines”Phenomenon, that is, on the basis of the 2018 annual performance has “exploded”, there will be another huge loss in 2019.
A typical case is contact interaction (002280). The company has staged a performance-changing show in the past two years.
The budget, in the forecast and disclosure of the 2018 annual results, the liaison interaction from the initial estimated profit of 7,000 million-1 million US dollars, to the official annual report of -6.
During the period of 6.9 billion U.S. dollars, many face changes were staged during the period, and the company was punished by the Shenzhen Stock Exchange for criticism.
Recently, in the third quarter report of 2019, it originally had a profit of 0-50 million yuan in contact and interaction, and suddenly announced a performance revision announcement, which was revised to 27 billion to 3 billion US dollars.
The reporter noticed that the two major changes in the performance of liaison and interaction were related to the impairment of goodwill.
In 2018, the company made a total of 3 for the four subsidiaries of Shanghai Zhuo, Beijing Cool Energy, Dongyang Sanshang Peace Club, and Xunfang.
7.8 billion goodwill is impaired; in 2019, the company intends to increase the total of the three subsidiaries of Newegg, Di An, win-win, Dongyang Sanshang by up to 16.
5 trillion goodwill impairment.
In addition, companies such as Jinzhou Cihang (000587) and Tianguang Zhongmao (002509) also based on the huge losses in 2018, and again made huge pre-losses in 2019, and the reasons for the huge losses were related to the impairment of goodwill.
Among them, Jinzhou Cihang is expected to relaunch 55 in 2019.
500 million, and the company’s latest total market value is only about 360,000.
In one place, the announcement on the evening of January 22 showed that, in this case, there are also some listed companies that have undergone a “bath” of goodwill impairment over the past year, and their operating conditions have turned better.002252) is an example. The evening announcement on January 22 showed that the company expects net profit in 2019 to be 5.
In 2018, due to the impairment of some goodwill, Shanghai Rice replaced 15.
Entering 2019, the blood product industry has a good momentum of development, and the company’s main business has continued to grow compared with the same period of the previous year; the reorganization, the company gradually withdraw from venture capital, and the impact of non-recurring gains and losses on the company’s 2019 performance has been significantly reduced.